Wednesday, October 21, 2020
Report Dubai backs Shariah compliant payment service initiative

Dubai backs Shariah compliant payment service initiative

A global provider of digital payment services is entering the UAE market with services agreeable to Shariah-conscious customers.

Quisk Middle East has won the support of the Smart Dubai Government Establishment (SDG) in developing a suite of smart payment solutions allowing individuals to manage, save and make payments using phone numbers and secured PINs rather than card or bank account numbers. The service, also open to those with no bank accounts in the UAE, allows for a range of transactions including retail purchases, government services and bill payments as well as ATM withdrawals, e-commerce transfers and remittances.

To be implemented at all of Network International’s points of sale across the Emirates later in the year, IFN Fintech has learned that the service is in compliance with Shariah laws and is restricted for some merchants such as dating services outlets and those involved in gambling.

“The new payment system will help millions of financial account holders in the Middle East and North Africa region in general – and the Gulf region, in particular,” Samer Soliman, the executive vice-president of products and innovation at Network International, said. “Our goal is not only to consolidate the culture of digital money but to facilitate payments and all other payment services as well.”

Quisk accounts can be adapted to connect to any source of funds – other bank accounts, credit cards or digital wallets – and can securely complete payments without requiring the use of a smartphone application, data connection, mobile minutes or a charge. The initiative is backed by the Dubai government as part of its ambition of transforming itself into a smart city where residents are able to conduct daily tasks as seamlessly as possible with the help of technology and digital solutions.

“Launching the trial version of this new generation of smart payment solutions allows us to add another dimension to the smart payment experience, and brings us even closer to our goal of making Dubai the happiest city in the world,” explained Wesam Lootah, CEO of SDG. “One of the key features setting this platform apart from other similar products is its unprecedented flexibility: users are free to use any device to avail the service. This path-breaking development opens the door for an entirely new concept of smart banking transactions.”

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